Coinbase Gains Approval for Crypto Perpetual Futures in the U.S.
- The CFTC has approved Coinbase to offer U.S. customers access to offshore crypto perpetual futures through its subsidiary, Deribit.
- Perpetual futures are high-risk derivatives with no expiration date, allowing leveraged bets on token prices.
- Coinbase acquired Deribit for $2.9 billion last year to facilitate this offering.
- The CFTC’s decision is expected to influence other U.S. exchanges to offer similar products.
- In the past month, over $588 billion worth of crypto perps trading volume was recorded, compared to $160 billion in the entire DeFi ecosystem.
Coinbase is now positioned as the first U.S.-based exchange permitted to connect its users with global crypto perpetual futures markets via Deribit, following a recent CFTC approval. This move could set a precedent for other exchanges in the United States seeking similar opportunities.
With substantial trading volumes in crypto perps compared to decentralized finance activities, Coinbase’s new offering highlights a significant shift in market dynamics and potential revenue streams for U.S.-based exchanges.(Source)
